Hmshost International B.V. entered into a sale and purchase of shares agreement to acquire the remaining 51% equity interest in Dewina Host Sdn Bhd. from Brahim's Holdings Berhad for MYR 7.9 million.

Hmshost International B.V. (HMSH) entered into a sale and purchase of shares agreement to acquire the remaining 51% equity interest in Dewina Host Sdn Bhd. (DHSB) from Brahim's Holdings Berhad (KLSE:BRAHIMS) for MYR 7.9 million on November 29, 2019. The entire disposal consideration will be satisfied via cash. No liabilities are to be assumed by HMSH pursuant to the transaction. HMSH will change the name of DHSB. For the financial year ended December 31, 2018, DHSB reported revenues of MYR 42.97 million, profit before tax of MYR 3.9 million, profit after tax of MYR 3.1 million and net assets of MYR 13.2 million. The completion of the transaction is conditional upon the fulfillment of the terms and conditions in the sale and purchase agreement. The proposed disposal does not require the approval of any government authorities nor the approval of the shareholders of Brahims. The deal is expected to be completed in fourth quarter of 2019. The proceeds arising from the proposed disposal shall be utilized in working capital requirements, repayment of bank borrowings, estimated expenses in relation to the proposed disposal. The deal is not expected to have any other material effect on the earnings of Bahim's for the financial year December 31, 2019.